183 - Resolution Regarding Industrial Park Property - Viroqua

A resolution regarding Industrial Park property and the Viroqua Development Association.

BE IT RESOLVED by the Common Council of the City of Viroqua as follows:

1. In the matter of sales of land in the City's Industrial Park, the Common Council is represented by the V.D.A., Inc., commonly known as the "Viroqua Development Association", through its coordinator.

2. The price of land, as to which the Common Council reserves the final decision, shall be a negotiable amount depending on the following factors, among others:

A. The potential for employment in the community.

B. The size and value of the industry as it would affect the tax base.

C. The area within the Industrial Park, some areas being more desirable, accessible, and easier for the installation of water, sewer, streets, and other utilities.

3. The availability of utilities depends upon the following factors, among others:

A. The rules and regulations of the State of Wisconsin.

B. The season or weather.

C. Limitations of existing facilities.

4. The Viroqua Development Association's coordinator shall consult with the Director of Public Works regarding utilities and streets, and shall consult with the City Attorney regarding legal matters.

5. Proceeds from the sale of Industrial Park land shall be appropriated to the Viroqua Development Association and placed in a segregated account, on the following terms, and to be used for the following purposes:

A. The funds may be drawn upon by the Viroqua Development Association for any industrial development project within the Viroqua Industrial Park which is approved by the Board of Directors of the Viroqua Development Association; such projects to include, for example, the construction of buildings, including providing the necessary financing to start a project, such as a loan which will be repaid to the fund.

B. The funds shall be so used by the Viroqua Development Association that, to the extent practicable, the principal of the fund shall always be adequately protected and preserved.

C. The Viroqua Development Association may add any of its own moneys to said fund, which shall then be limited in use to the foregoing purposes.

D. The City shall be entitled to withdraw at any time any amount in the fund in excess of $300,000.00.

6. That the "Restrictive Covenants and Special Power of Attorney" recorded May 25, 1983, in Volume 276 of Records, page 130, in the office of the Register of Deeds, is hereby ratified and confirmed, except the V.D.A., Inc., a corporation, commonly called the Viroqua Development Association, is hereby substituted as the agent of the City in said instrument, and the City may record an extract of this Resolution in the office of the Register of Deeds.